Worldcoin, a cryptocurrency project co-founded by OpenAI CEO Sam Altman, announced the launch of its cryptocurrency wallet on May 8.
Worldcoin wallet now, token later
The new wallet, titled “World App,” supports a beta version of Worldcoin (WLD) as well as third-party cryptocurrencies such as Wrapped Ethereum (WETH), Wrapped Bitcoin (WBTC), USD Coin (USDC), and Maker’s DAI stablecoin (DAI).
Worldcoin itself is not currently in circulation but will be launched later this year. Users in eligible countries will be able to claim the token on a weekly or monthly basis. Users in the U.S. are not meant to hold the asset, WorldCoin said.
World App and Worldcoin are largely powered by the Ethereum blockchain and related technologies including account abstraction, ENS usernames, and Uniswap. The beta relies on Polygon while the final version will run on Ethereum rollups.
The project also relies on Ramp and MoonPay for fiat withdrawals and deposits.
Worldcoin focuses on AI, ID
Worldcoin attracted controversy beginning in 2021 due to its reliance on retina-scanning ID technology, which was frequently called “dystopian.”
The project addressed that concern today as it noted that World App integrates its World ID product, but on an optional basis. It said that the app does not “require any personal information” and said that users can delete their data instantly. It said that World ID keys are self-custodied, though users can back up those keys on cloud services.
Worldcoin also hinted at its artificial intelligence (AI) plans, noting that it aims to “empower individuals in the Age of AI” by providing “AI-funded UBI.”
Worldcoin is not directly related to OpenAI beyond the fact that Sam Altman has been involved in both firms. Altman has also held other roles in the tech industry, including various positions at the startup accelerator YCombinator between 2011 and 2019.
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